Monday, November 5, 2007

THE DREYFUS CORPORATIONMore than 50 Years of Asset Management Expertise — and Still Going StrongVirtually every asset class. Virtually every management style. Through an array of distribution channels.Few competitors can match the breadth and depth of The Dreyfus Corporation, one of the nation's leading asset management and distribution companies that celebrated its 50th anniversary in 2001. Founded in 1951 and headquartered in New York City, Dreyfus was among the pioneers of mutual fund investing and remains one of the most recognizable names in the business. Yet the company has undergone a quiet transformation in recent years to meet the changing needs of investors and investment advisors. We continue to introduce innovative products and seek out new distribution opportunities while keeping focused on our original mission — helping investors plan wisely for the future.When Mellon and Dreyfus completed their landmark merger in 1994, Dreyfus already had a rich history as a leader in fixed-income and money market investing, yet had relatively few equity products by comparison. At the same time, Dreyfus' distribution efforts were focused almost exclusively on reaching out directly to individual investors through the retail direct channel.In recent years, Dreyfus has embarked on an aggressive multi-channel distribution strategy that includes distribution through third parties such as financial planners, broker-dealers, banks and insurance companies. While the retail direct business remains very significant to Dreyfus, the company has seen considerable growth through these intermediary relationships. That makes Dreyfus one of the few mutual fund companies to have successfully utilized multiple distribution channels nationwide.On July 2, 2007 two companies became one — The Bank of New York Mellon Corporation — and Dreyfus became part of an even larger global financial services powerhouse. The powerhouse is growing with more than $1.1 trillion in assets under management . Operating in 37 countries. Serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration and more than $1.1 trillion in assets under management. Additional information is available at bnymellon.com.

Dreyfus is one of the companies that comprise BNY Mellon Asset Management and our mandate has gotten that much more significant — Dreyfus is positioned as the domestic distributor to and servicer of the U.S. retail and retail-intermediated markets for BNY Mellon Asset Management.As part of BNY Mellon Asset Management, Dreyfus has the ability to draw on not only our own investment management expertise, but also the capabilities of the other asset management companies that are part of BNY Mellon Asset Management, among them The Boston Company Asset Management and Newton Investment Management Limited in the U.K.Today, Dreyfus is one of the nation's leading asset management and distribution companies, currently managing more than $200 billion in mutual funds, separately-managed accounts and institutional portfolios. Dreyfus is positioned as a customer-focused distribution company, capitalizing on our strong brand recognition and reputation to provide institutional quality investment processes to high-net-worth investors and their advisors. Dreyfus clients also have access to several non-affiliated institutional investment managers who sub-advise certain Dreyfus products. That means sophisticated products built with an intimate knowledge of domestic and foreign economies, keen insight into the global marketplace and in-depth understanding of your needs — all backed by the Dreyfus name you know and trust and the resources of our parent company. As of June 2007, Dreyfus was ranked the 14th-largest mutual fund company and the seventh-largest institutional money fund provider in terms of assets under management. In addition, Dreyfus was ranked the 14th-largest provider of separate accounts as of March 2007. A Proud History of InnovationIn its more than 50-year history, Dreyfus has made available to everyone the kinds of sophisticated investment products and services once available only to the wealthy. The firm's origin dates back to 1947, when Jack Dreyfus founded a brokerage house in New York City named Dreyfus & Co. In 1951, attracted by the concept of mutual funds, Dreyfus & Co. purchased a small management company named John G. Nesbett & Co., Inc. with a small common stock fund called The Nesbett Fund Incorporated. Nesbett & Co. was renamed The Dreyfus Corporation, and The Nesbett Fund became The Dreyfus Fund Incorporated.Making a Name on Wall StreetDreyfus was among the first mutual fund companies to actively seek retail clientele, and is credited with a list of important innovations within the industry.In the 1950s, the Dreyfus lion became the symbol of The Dreyfus Corporation. Breaking from traditional "tombstone" mutual fund advertising, the lion made his debut on television emerging from a subway station and striding down Wall Street. Later on, Dreyfus again stepped away from the pack when it published a full-color prospectus as a supplement to The New York Times. These advertisements were so distinctive that they received national press coverage. The lion continues to appear in Dreyfus advertising today and remains one of the most recognizable corporate trademarks in the United States.Going public in 1965, Dreyfus was among the first money management firms to tap into the stock market for additional capital.More Product Innovation in the '70s and '80sIn 1972, Dreyfus moved to the forefront of socially responsible investing by creating The Dreyfus Third Century Fund, Inc. Now named The Dreyfus Premier Third Century Fund, Inc., the fund is available primarily through financial advisers, broker-dealers and other third-party financial intermediaries. It invests in companies that not only meet traditional investment standards, but also conduct business in a manner that is believed to contribute to a better quality of life.Always sensitive to changing investor needs, Dreyfus was a pioneer in the area of money market funds with the launch of Dreyfus Liquid Assets in 1974. Dreyfus focused its sales efforts on the retail market, helping to lay the groundwork for the subsequent tremendous growth of money market funds.In 1976, Dreyfus was the first fund company to introduce an incorporated tax-exempt municipal bond fund. Today, Dreyfus offers investors 39 tax-exempt bond funds, including 26 state-specific funds covering a variety of term instruments.In 1989, the firm recognized the increasing availability of dollar-denominated foreign bank deposit instruments and introduced Dreyfus Worldwide Dollar Money Market Fund, a pioneering money market fund for retail investors that could invest in dollar-denominated foreign money market instruments.A Quiet Transformation in the 1990s and BeyondIn 1994, Dreyfus completed its landmark merger with Mellon Bank Corporation, now Mellon Financial Corporation. The merger, a milestone in the history of financial services in the United States, was at the time the largest-ever combination of a bank and mutual fund company.In 1996, Dreyfus unveiled The Lion Account (currently known as the Dreyfus Lion AccountSM), which allows investors to centralize all their financial activities — from trading securities and investing in mutual funds, to paying bills and receiving financial planning advice — through one account. It features a mutual fund marketplace offering more than 8,000 mutual funds including over 800 Dreyfus and non-Dreyfus funds with no transaction fees.In June 1998, Dreyfus introduced the mutual fund industry's first simplified prospectus — designed to be an investor-friendly summary of the information contained in the full mutual fund prospectus. In February 2000, Dreyfus introduced a separate accounts service to further enhance the company's institutional and investment advisory business. This service provides individually managed client portfolios and related investment services through institutional channels such as broker-dealers or financial planners. Fayez Sarofim & Co., the Houston-based asset management firm that also subadvises several Dreyfus mutual funds, became the first asset manager to work with the Dreyfus separate accounts business.In September 2002, Mellon acquired the separate accounts business from Ashland Management, complementing the existing managers that Dreyfus offers through Dreyfus Separate Accounts.

In July 2005, the integration of the U.S. fundamental equity investment management units of The Dreyfus Corporation and The Boston Company Asset Management was completed, creating a unified structure for these fundamental equity asset management operations. In October 2006, Dreyfus announced that it was ranked third among fund families in thestreet.com ratings guide to stock mutual funds.In January 2007, Dreyfus announced it had dramatically expanded its mutual fund line-up in 2006, adding 10 new offerings launched since December 2005, spanning equity, fixed income, international and global mandates, continuing to build on Dreyfus' long history of product innovation. With the extensive offerings — and continued growth in its existing funds, Dreyfus' assets under management were approaching $200 billion. In July 2007, Dreyfus reached that milestone, crossing the threshold of $200 billion in assets under management.

Broker-Dealer ServicesMBSC Securities Corporation is a registered broker-dealer and investment adviser. It serves as distributor for the Dreyfus funds and provides advertising, marketing and servicing functions.

Dreyfus Investments is MBSC Securities Corporation's institutional and intermediary sales and services division, enabling a variety of financial entities to provide Dreyfus investment products to their customers. The division also provides a comprehensive range of services to its clients, including training support, marketing expertise and state-of-the-art operations support.

For More InformationThe Dreyfus Corporation is headquartered in New York and has its sales and service organization in Uniondale, NY. Information on Dreyfus mutual funds may be obtained by calling 1-800-DREYFUS or by visiting one of our Dreyfus Financial Centers. Dreyfus products also are available through multiple institutional channels, including banks, broker-dealers, insurance companies, investment advisers, corporations and not-for-profit institutions.

On the Web:For individual investors and investment professionals: www.dreyfus.com

The Dreyfus Corporation, established in 1951 and headquartered in New York City, is one of the nation's leading asset management and distribution companies, currently managing more than $200 billion in mutual funds, separately managed accounts, and institutional portfolios. Dreyfus is part of BNY Mellon Asset Management, a leading global provider of investment management products and services that offers a broad range of equity, fixed-income, hedge and liquidity management products through individual asset management companies and multiple distribution channels.

The Bank of New York Mellon Corporation [NYSE: BK] is a global financial services company focused on helping clients move and manage their financial assets, operating in 37 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high net worth individuals, providing superior asset and wealth management, asset servicing, issuer services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration and $1.1 trillion in assets under management, and it services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.